College athletics is currently in the midst of a building boom in which universities are competing with each other to reach an always-increasing standard of lavish athletic facilities. While these facilities are costing in the tens or hundreds of millions of dollars, little research is examining the return on investment for athletic programs. The purpose of this study was to examine the effect of new athletic facilities on recruiting rankings for Power Five football and men's basketball programs. Data was collected on athletic facilities newly constructed or renovated from 2005 through 2015 at Power Five NCAA Division I programs. Using LSDV fixed effects regression models, results found a lack of significant improvement within football and basketball recruiting rankings following the completion of new athletic facilities, but some significance in the two years before the project was completed. Significant control variables also highlighted the effects that coaching changes can have on recruiting.